Siemens 2012 Annual Report Download - page 179

135 D. Consolidated Financial Statements
239 E. Additional Information
130 C. Siemens AG (Discussion on basis of
German Commercial Code)
134 C. Notes and forward-looking statements
129 C. Compensation Report, Corporate Governance
statement pursuant to Section a of the
German Commercial Code, Takeover-relevant
information and explanatory report

None of our credit facilities contains a material adverse change
provision of the type often found in facilities of such nature
and none of our global commercial paper and debt issuance
programs nor our credit facilities contain specific financial cov-
enants such as rating triggers or interest coverage, leverage or
capitalization ratios that could trigger remedies, such as accel-
eration of repayment or additional collateral.
Further information about our bonds and the other compo-
nents of our debt as well as about the use of financial instru-
ments for hedging purposes is provided in    
 .     .
Investing activities in intangible assets and property,
plant and equipment – Additions to intangible assets and
property, plant and equipment from continuing operations in-
creased from €. billion in the prior year to €. billion in
fiscal . The majority of the additions, €. billion, took
place in the Sectors. The remaining portion, € million relat-
ed mainly to SRE associated with SRE’s responsibility for uni-
form and comprehensive management of real estate of our
company worldwide.
We directed significant portions of our additions to intangible as-
sets and property, plant and equipment in fiscal  to expand
capacities in strategic growth markets, particularly including
emerging markets; to safeguard or enhance market share; and
to secure leadership or competitiveness in technology-driven
growth markets. Energy ’s additions totaled € million. They
included extension of capacities and facilities such as for the
technology-driven wind power market, particularly in Europe,
as well as improvement and expansion of market presence in
Brazil, Russia, India and China (BRIC countries) at Power Trans-
mission. Considerable amounts at Energy were also used at Fos-
sil Power Generation, including for the rationalization of pro-
duction processes with regard to technical equipment and ma-
chines. Healthcare additions totaled € million in fiscal ,
including additions to intangibles such as licenses as well as
developing and implementing software and IT solutions, main-
ly relating to the medical imaging, therapy systems and labora-
tory diagnostics businesses. Industry spent a large portion of its
additions to intangible assets and property, plant and equip-
ment of € million for the replacement of products and ramp-
ing up capacities, particularly at Industry Automation in China,
and implementing additional productivity measures, particular-
ly at Drive Technologies. Infrastructure & Cities spent the largest
amount of its additions of € million at the Power Grid Solu-
tions & Products business, mainly for investments in innovations
at Low and Medium Voltage. The Sector also invested signifi-
cant amounts for strengthening its regional footprint in emerg-
ing markets and its position in fast-growing market segments.
The changes of additions to intangible assets and property,
plant and equipment from fiscal  to  are as follows:
For continuing operations the ratio of the items Additions to
intangibles assets and property, plant and equipment and Ad-
ditions to assets held for rental in operating leases to deprecia-
tion and impairments of property, plant and equipment, net of
reversals of impairments as well as amortization and impair-
ments, net of reversals of impairments, of intangible assets
other than goodwill was % for fiscal .
Dividend – At the Annual Shareholders’ Meeting scheduled for
January , , the Managing Board, in agreement with the
Supervisory Board, will submit the following proposal to allo-
cate the unappropriated net income of Siemens AG for the fis-
cal year ended September , : distribution of a dividend of
€. on each no-par value share entitled to the dividend for
fiscal year  existing at the date of the Annual Shareholders’
Meeting, which in the aggregate amounts to an at present ex-
pected total distribution of approximately €. billion.
Other capital requirements – As expected, the current fiscal
year included significant cash outflows relating to the divest-
ment of Siemens IT Solutions and Services in fiscal . We
expect that this divestment will occasion further significant
cash outflows in future periods that might reach a remaining
mid triple-digit million € amount in total.
     ,
   (   )
Siemens (continuing operations)
FY 2012 2,206
FY 2011 2,163
Energy Sector
FY 2012 532
FY 2011 587
Healthcare Sector
FY 2012 354
FY 2011 284
Industry Sector
FY 2012 442
FY 2011 451
Infrastructure & Cities Sector
FY 2012 290
FY 2011 264
(2)%
10%
25%
(9)%
2%